FRANKFORT, Ky. (WBKO) - The Kentucky Agricultural Finance Corp. (KAFC) approved $1,786,835 in 12 agricultural loans for projects in the commonwealth at its board meeting today.
“The loans approved by the KAFC board this month showcase the diversity and strength of our agricultural loan programs,” said Gov. Andy Beshear. “These programs are working to empower and support infrastructure, processing, entrepreneurship and young farmers to help agriculture continue to meet the needs of the world.”
Among the loans approved were a $160,000 Agricultural Process Loan for Monroe County and a $250,000 Beginning Farmer Loan to Muhlenberg County.
The Agricultural Process Loan is designed to provide loan opportunities to companies and individuals in Kentucky interested in adding value to Kentucky-grown agricultural commodities through further processing. Agricultural processors may qualify for financing for acquisition of equipment, construction of new facilities, renovation/expansion of existing facilities and permanent working capital up to 50% of the project cost.
The Beginning Farmer Loan is designed to assist individuals with some farming experience who desire to develop, expand or buy into a farming operation. Beginning farmers may qualify for financing to purchase livestock, equipment or agriculture facilities; to secure permanent working capital; for the purchase of farm real estate; or to invest in a partnership or LLC.
Click here for more information on the programs offered by the KAFC.
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November 14, 2020 at 12:11AM
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Kentucky Agricultural Finance Corp. approves more than $1.7 million in loans for farmers - WBKO
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